The corporate tax rules for creating an S corporation look pretty simple. But looks can be deceiving. In fact, the tax code is full of little-known rules that can bite you if you haven’t done your homework. That’s why I suggest you check out my new article which has two purposes… It can help you avoid the potholes that will knock the wheels off your S corporation. (For … [Read more...]
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Winning strategies for business owners of rental properties
When you own both a business and rental properties, you have to answer an important question… How should you structure the ownership of your rentals to limit liability exposure and get the best tax benefits possible? The answers to this question can be tricky. Which is why now is the perfect time to read my new, free article titled Tax Tips: Tax and Liability Answers for … [Read more...]
How to escape the corporate-tax “lobster trap”
They say that corporate taxation is a lot like a lobster trap… “Easy to get in. Hard to get out.” If you are snared in a C corporation lobster trap and want out so you can switch to a sole-proprietorship, my new article is for you. You see, the conversion process to a proprietorship can be expensive and may or may not make sense for you. But don’t worry. I’ll give you all … [Read more...]
The dangers of a “Self-Directed” IRA
Are you thinking of investing in a “self-directed” IRA? If you are, here are two words of advice… “Watch out!” You see, unlike a regular vanilla IRA, a self-directed IRA allows you to invest in all kinds of nontraditional assets like apartments, duplexes, equipment leasing, first and second mortgages, limited partnerships, commercial paper, and more. The result? It’s … [Read more...]
A new way to calculate your home office deduction
If you’re claiming a home-office deduction, you know what pain is. You have to calculate, allocate, and prove all your home-office expenses to Uncle Sam’s satisfaction. But starting on January 1, 2013 the IRS began offering you an optional way to simplify the process and avoid jumping through all those hoops. Want to know if the new method for claiming a home-office … [Read more...]